happens to be a very highly talented executive in terms of representing our product and our business


supporting through marketing next month and that we're excited about. And that's part of an ongoing program to keep our brands healthy and not just get into new spaces,

supporting through marketing next month and that we're excited about and that's part of an ongoing program to keep our brands healthy and not just get into new spaces


The impact of the acquisitions resulted in a negative 60 basis points, mainly due to the purchase price allocation effect.

the impact of the acquisitions resulted in a negative 60 basis points mainly due to the purchase price allocation effect


However, we are also aggressively pursuing a larger project to move barrels from the Permian Basin to Nederland, providing shipper capacity to our storage facilities

however we are also aggressively pursuing a larger project to move barrels from the permian basin to netherlands providing shipper capacity to our storage facilities


The likely implementation process would involve regulating thousands of finance and insurance consultants and new car dealerships across Australia

the likely implementation process would involve regulating thousands of finance and insurance consultants in new car dealerships across australia


I'll start by talking you through some of the highlights from the quarter before the team go into the financials and operations in greater detail. We will then open the call for questions.

i'll start by talking you through some of the highlights from the quarter before the team go into the financials and operations in greater detail we will then open the call for questions


was primarily due to fourth quarter seasonal factors associated with financial audit expenses, employee holiday expenses and marketing.

was primarily due to fourth quarter seasonal factors associated with financial audit expenses employee holiday expenses and marketing


But it's another matter of whether all these positions will be filled with the right candidates. Even if we want to hire 500 new employees,

but it's another matter of whether all these positions will be filled with the right candidates even if we want to hire 500 new employees


which is now in the hands of the regulator to moderate as we go into 2018 for the rest of the year. So I hope that answers broadly your question.

which is now in the hands of the regulator to moderate as we go into 2018 for the rest of the year so i hope that answers broadly your question


we should continue to see that those customers grow and those customers are much more inclined to book directly. And that's the case almost no matter what happens with

we should continue to see that those customers grow and those customers are much more inclined to book directly and that's the case almost no matter what happens with


allow us to drive stronger knee market share as we exit 2017. So I think you should kind of think about a rolling 4-quarter knee growth, and that's kind of the base we assume we'll improve upon

allow us to drive stronger knee market share as we exit 2017 so i think you should kind of think about a rolling 4-quarter knee growth and that's kind of the base we assume we'll improve upon


in the market. There are some unique opportunities potentially in the portfolio over time, where we could get a static converted to a digital

in the market there are some unique opportunities potentially in the portfolio over time where we could get a static converted to a digital


The common offering in October positioned us well as we entered into 2017, but it will take a couple of quarters to fully deploy the capital.

the common offering in october positioned us well as we enter into 2017 but it will take a couple of quarters to fully deploy the capital


Discussions and conjecture point to infrastructure as the most logical area of agreement in Washington in 2019. We anticipate that a deal will be struck.

discussions and conjecture point to infrastructure as the most logical area of agreement in washington in 2019 we anticipate that a deal will be struck


I think we'll continue to do it. Some of the things that we've talked about before that are driving this are this move to scale that I highlighted in the prepared remarks is very real.

and i think we'll continue to do it some of the things that we've talked about before that are driving this are this move to scale that i highlighted in the prepared remarks is very real


This deal is a more grown-up version of those earlier ones. There are a couple of important differences. First is that we will manage all the work up to the start of clinical trials.

this deal is a more grown-up version of those earlier ones there are a couple of important differences first is that we will manage all the work up to the start of clinical trials


We simply need to continue to manage costs, win new business and execute on what we've already won. And that's exactly what we plan to do.

we simply need to continue to manage costs win new business and execute on what we've already won and that's exactly what we plan to do


and you see numbers in the range of 15% to 20%, then you need to monitor for something big to happen.

and you see numbers in the range of 15% to 20% then you need to monitor for something big to happen


I think you could probably calculate it based on the information you have, but we're not going to release that on a public basis anymore going forward.

i think you could probably calculate it based on the information you have but we're not going to release that on a public basis anymore going forward


This customer is using Five9 for its e-commerce customer service organization. They were using a premise system that was expensive and required too many technical resources to maintain.

this customer is using five9 for its e-commerce customer service organization they were using a premise system that was expensive and required too many technical resources to maintain


I was wondering, after all the discussion that has taken place within the Ministry of Economic Affairs and then in Dutch Parliament, why do you first have to

i was wondering after all the discussion that has taken place within the ministry of economic affairs and in dutch parliament why do you first have to ask


in being at the forefront of the creation and provision of urban workspace and they perceive us to be there. So a

in being at the forefront of the creation and provision of urban workspace and they perceive us to be there so


These certifications are a key milestone to reach before moving to any commercial production and for a successful launch of our joint venture.

these certifications are a key milestone to reach before moving to any commercial production and for a successful launch of our joint venture


Similar to prior years, we only include identified projects with a high probability of certainty in our capital plan. We will update our capital plan at the appropriate time per normal course,

similar to prior years we only include identified projects with a high probability of certainty in our capital plan we will update our capital plan at the appropriate time for normal course


arguably less quality earnings to more higher quality earnings through additional CapEx that we could spend and still not raise customer rates.

arguably less quality earnings to more higher quality earnings through additional capex that we could spend and still not raise customer rates


So what you'll see going forward is 80-plus percent of revenue increases in dollars becomes something

so what you'll see going forward is 80-plus percent of revenue increases in dollars becomes something


what I would say, I don't know if total stimulus is the right word, but there's a lot of influence in the marketplace that lead to better performance.

what i would say -- i don't know total stimulus is the right word but there's a lot of influence in the marketplace to lead to better performance


are the premiums also -- do they fall underneath that and are pass-through-able, if that's a word, or are you kind of stuck with those? How does that work?

are the premiums also do they fall underneath that and are pass-throughable if that's a word or are you kind of stuck with those how does that work


This remains unchanged from our previous forecast. Please turn to Slide 30. With respect to consolidated unit sales,

this remains unchanged from our previous forecast please turn to slide 30 with respect to consolidated unit sales


Gubernatorial elections will be the same, obviously, as 4 years ago in terms of the numbers. But it's a competitive footprint in some of our big markets. Currently, we have 7 competitive seats,

gubernatorial elections will be the same obviously as 4 years ago in terms of the numbers but it's a competitive footprint in some of our big markets currently we have 7 competitive seats


As a result, we're continuing to intentionally reinvest profits back into the business to drive revenue growth and to capitalize on our opportunities in the local and regional OTT ad space.

as a result we are continuing to intentionally reinvest profits back into the business to drive revenue growth and to capitalize on our opportunities in the local and regional ott ad space


And finally, utilization. I don't mean to oversimplify the business, but to us, that's what we think about. I also should talk about safety, and I'm going to talk about that a little bit more.

and finally utilization i don't mean to oversimplify the business but to us that's what we think about i also should talk about safety and i'm going to talk about that a little bit more


and such statements are subject to the safe harbor created by those sections and are made pursuant to the provisions of the Private Securities Litigation Reform Act of 1995, as amended.

and such statements are subject to the safe harbor created by those sections and are made pursuant to the provisions of the private securities litigation reform act of 1995 as amended


in that business because we also have had overall growth in the software and content management product. And so you will see a more pronounced mix shift

in that business because we also have had overall growth in the software and content management product and so you will see a more pronounced mix shift


without any legal framework. So this is the first time in my life that I see an acceleration without default or without any covenant or without

without any legal framework so this is the first time in my life that i see an acceleration without default or without any covenant or without


The results we presented this morning are underpinned by a range of strong performance metrics at property levels. I'd like to spend a little bit of time just walking you through a few of those headlines,

the results we presented this morning are underpinned by a range of strong performance metrics at property level so i'd like to spend a little bit of time just walking you through a few of those headlines


These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements.

these forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements


to our results conference at PZU. We'd like to thank you for turning up in so -- such strong numbers. We'd like to present to you today

to our results conference as pzzu we'd like to thank you for turning out and so such strong numbers we'd like to present to you today


sort of your targeted 5% to 6% organic growth, although it's early in the year, I get that. But any color there? And then my second question, any more color you can provide on

sort of your targeted 5% to 6% organic growth although it's early in the year i get that but any color there and then my second question any more color you can provide on


After we conclude our prepared comments, our executive management team will be happy to answer questions. Let's turn to the slide presentation and discuss our second quarter results.

after we conclude our prepared comments our executive management team will be happy to answer questions let's turn to the slide presentation and discuss our second quarter results


Specifically, the growth in LED products is expected to overtake the decline in legacy products and services and drive the growth of our consolidated revenue for the remainder of this fiscal year.

specifically the growth in led products is expected to overtake the decline in legacy products and services and drive the growth of our consolidated revenue for the remainder of this fiscal year


It does sound like a big leap. But when you start integrating RV sales and RV service, and you start to get some tailwind behind

it does sound like a big leap but when you start integrating rv sales and rv service and you start to get some tailwind behind


But what I can tell you is that as you can see the results for the second quarter in our primary RV units, we're positive both overall and on a same-store basis.

but what i can tell you is that as you can see the results for the second quarter in our primary rv units were positive both overall and on a same-store basis


The need for the requested rate relief is due to the additions to plant that were required to meet the needs of our growing customer base and due to the continued load growth that we have experienced in our service territory.

the need for the requested rate relief is due to the additions to plant that were required to meet the needs of our growing customer base and due to the continued load growth that we have experienced in our service territory


We are introducing the subscription. So we're giving people the opportunity to buy content specialized for their industry, specialized for their geography

we are introducing the subscription so we're giving people the opportunity to buy content specialized for their industry specialized for their geography


What we try to do or what I try to do on this call was just give you perspective specifically on subscription revenue, which as you know, we've been disclosing now for a while. We do not expect subscription revenue to be

what we try to do or what i try to do on this call is just give you a perspective specifically on subscription revenue which as you know we've been disclosing now for a while we do not expect subscription revenue to be


how we allocate our capital and also how we manage the companies. And essentially, what we do is we look at every entity, how their return on equity is.

how we allocate our capital and also how we manage the companies and essentially what we do is we look at every entity how their return on equity is


has many limitations as physicians must choose between invasive IV delivery or slower onset oral medications.

has many limitations as physicians must choose between invasive iv delivery or slower onset oral medications


Actual results could differ materially from those stated or implied by these forward-looking statements due to risks and uncertainties associated with the company's business.

actual results could differ materially from those stated or implied by these forward-looking statements due to risks and uncertainties associated with the company's business


These forward-looking statements are made as of the date of this presentation. We undertake no obligation to publicly update or revise any forward-looking statements after the completion of this presentation,

these forward-looking statements are made as of the date of this presentation we undertake no obligation to publicly update or revise any forward-looking statements after the completion of this presentation


For our Okinawa hub, we'll continue to evaluate the competitive environment and demand trends in Asia, and pursue further optimization of the business scope.

for our okinawa hub we'll continue to evaluate the competitive environment and demand trends in asia and pursue further optimization of the business scope


and established Japan's first LCC. Propelled by the expansion of the international business, we have continued to accelerate the speed of our growth.

and established japan's first lcc propelled by the expansion of the international business we have continued to accelerate the speed of our growth


first-in-human study having first established the safety and immunogenicity of the vaccine, we have built into the protocol

first-in-human study having first established the safety and immunogenicity of the vaccine we have built into the protocol


Although deeper MI coverage would help to expand the market, National MI does not need a larger market to fulfill our primary financial objectives

although deeper mi coverage would help to expand the market national mi does not need a larger market to fulfill our primary financial objectives


Continuous improvement initiatives, network optimization and lower input costs continued to drive good operational efficiencies throughout the region.

continuous improvement initiatives network optimization and lower input costs continued to drive good operational efficiencies throughout the region


Given that as well as the sheer size of the market, our plan is to partner this asset following proof-of-concept data from the Phase I trial,

given that as well as the sheer size of the market our plan is to partner this asset following proof of concept data from the phase i trial


So we made big investments in these areas, and we saw very important progress. At the same time, we invested in a number of frontier areas.

so we made big investments in these areas and we saw very important progress at the same time we invested in a number of frontier areas


The Clinical Lab results continue to illustrate our strength in the women's health segment and the growing market share of the New York region, where new account acquisition continues.

the clinical lab results continue to illustrate our strength in the women's health segment and the growing market share of the new york region where new account acquisition continues


There really wasn't any tie-in between the sale of the household and the announcement of our planned repurchase back in May.

there really wasn't any tie-in between the sale of the household and the announcement of our plans repurchase back in may


I'm indebted to my 90,000 colleagues around the world, who have worked tirelessly to deliver their commitments each and every day in the face of many challenges.

i'm indebted to my 90 000 colleagues around the world who have worked tirelessly to deliver their commitments each and every day in the face of many challenges


I think we're going to continue to see the balance that we've laid out. Longer term, we would expect clearly to deliver revenue growth at or above the rate of our categories.

i think we're going to continue to see the balance that we've laid out longer term we would expect clearly to deliver revenue growth at or above the rate of our categories


On Millbrook, the investments being made now, what's the sort of time lag to that kicking through to revenue and pulling the margin up?

on millbrook the investments being made now what's the sort of time lag to that kicking through to revenue and pulling the margin up


look, we look at where we are. We know who we are. We know what we have, and we know there's enormous upside for our shareholders if we go execute against the plan we've laid out. And like I said, we're not going to define ourselves

look we look at where we are we know who we are we know what we have and we know there's enormous upside for our shareholders if we go execute against the plan we've laid out and like i say we're not going to define ourselves


pretty much across all the provinces. So it wasn't localized, it wasn't in one geography or one area. It was pretty much widespread across

pretty much across all the provinces so it wasn't localized it wasn't in one geography or one area it was pretty much widespread across


any kind of size range or just a little bit of sense for investors on what we might expect early next year?

any kind of size range or just a little bit of sense for investors of what we might expect early next year


it's incrementally better than what we had mentioned before. And we think we then have a capital and a debt structure that mirrors where we think we can be longer term as a growth-oriented company.

it's incrementally better than what we had mentioned before and we think we then have a capital and a debt structure that mirrors where we think we can be longer term as a growth-oriented company


You have certain flows that are qualified in certain fabs, and Newport Beach was the initial flagship for all of the RF SOI products, also

you have certain flows that are qualified in certain fabs and newport beach was the initial flagship for all of the rfsoi products also


Some of you may remember how we started our run in 2012 and how Altium managed to deliver what could not have been imagined possible at that time.

some of you may remember how we started our run in 2012 and how altium managed to deliver what could not have been imagined possible at that time


The material decrease in the volume of home sales has become apparent within greater Toronto and the surrounding areas as buyers and sellers react to the Ontario Fair Housing Plan.

the material decrease in the volume of home sales has become apparent within greater toronto and the surrounding areas as buyers and sellers react to the ontario fair housing plan


important product level changes on the home standby product that make it easier to install. So a lot of the learnings that we took from 2015 are being applied to new product introduction.

important product level changes on the home standby product that make it easier to install so a lot of the learnings that we took from 2015 are being applied to new product introduction


The strategic initiatives we are working on includes specific projects and activities targeted towards generating more sales leads, improving close rates and reducing the total overall cost of a home standby system.

the strategic initiatives we are working on include specific projects and activities targeted towards generating more sales leads improving close rates and reducing the total overall cost of a home standby system


a modest sequential revenue increase from the fourth quarter level, due primarily to higher sales of research models after a seasonally soft fourth quarter.

a modest sequential revenue increase from the fourth quarter level due primarily to higher sales of research models after a seasonally soft fourth quarter


Sheila, this is Paul. So in terms of the quarter, the income tax rate was a little bit higher because some of the REIT conversion costs are not deductible

this is paul so in terms of the quarter the income tax rate was a little bit higher because some of the reit conversion costs are not deductible


Please now turn to Slides 11 and 12. As usual, we have provided information on a year-to-date basis similar to that for our second quarter on prior pages.

please now turn to slides 11 and 12 as usual we have provided information on a year-to-date basis similar to that for our second quarter on prior pages


in terms of the stuff that would be affected, my understanding is it would be the lower cost stuff, the stuff where the Chinese imports have really made some hay, residential,

in terms of the stuff that would be affected my understanding is it would be the lower cost stuff -- the stuff where the chinese imports have really made some hay residential


on any acquisition we make. So we're very bullish on acquisitions, and we look at all of them and any of them, but I can't really comment on any one in specific.

on any acquisition we make so we're very bullish on acquisitions and we look at all of them and any of them but i can't really comment on anyone in specific


Cost savings from the previously announced voluntary reduction in force completed April 1 are tracking towards the top end of the 2018 savings range.

cost savings from the previously announced voluntary reduction in force completed april 1 are tracking towards the top end of the 2018 savings range


our most recognizable customer-facing system. And so we are doing that at the same time that we're rationalizing our branch network to help

our most recognizable customer-facing system and so we are doing that at the same time that we're rationalizing our branch network to help


as we continue to provide creative logistic solutions that optimize transportation to produce significant customer savings, while also enhancing our margin.

as we continue to provide creative logistic solutions that optimize transportation to produce significant customer savings while also enhancing our margin


we feel good about where we are. We have multiple options in front of us and we will do what is right to keep on growing the great franchise that we have.

we feel good about where we are we have multiple options in front of us and we will do what is right to keep on growing the great franchise that we have


But now the game has changed. Instead of competing against the traditional known telco or cable or satellite provider, they are competing against brands that millennials have grown up with and love,

but now the game has changed instead of competing against a traditional known telco or cable or satellite provider they are competing against brands that millennials have grown up with and love


patient cost compared to what the ideal would be, and we hold ourselves to a very high standard on both of those. And we see that as a significant differentiator and a significant opportunity for the next 3 to 5 years.

patient cost compared to what the ideal would be and we hold ourselves to a very high standard on both of those and we see that as a significant differentiator and a significant opportunity for the next 3 to 5 years


What we're not doing yet is doing it well and doing it efficiently, and obviously, doing it to the point where it's generating profitability for us.

what we're not doing yet is doing it well and doing it efficiently and obviously doing it to the point where it's generating profitability for us


we would need to make certain portfolio adjustments to comply with the REIT rules. As a result of these adjustments, we would expect the growth rate of our net investment income to slow temporarily.

we would need to make certain portfolio adjustments to comply with the reit rules as a result of these adjustments we would expect the growth rate of our net investment income to slow temporarily


This is Under Armour. And as I look to the future, I've never been more energized, confident and excited about what is ahead for us, both as a brand and as an operator.

this is under armour and as i look to the future i've never been more energized confident and excited about what is ahead for both as a brand and as an operator


First of all, from a comparison side, 2017 will have one big quarter and the rest mostly flat. I think 2018 will be much more calibrated throughout the year

first of all from a comparison side 2017 will have one big quarter and the rest mostly flat i think 2018 will be much more calibrated throughout the year


So I don't know how much you can read from our results to the broader industry. I would just tell you that our folks have had some good opportunities that we've executed well against.

so i don't know how much you can read from our results to the broader industry i would just tell you that our folks have had some good opportunities that we've executed well against


greatly increasing our exposure to an attractive health-care market tied to long-term secular growth drivers and adding another source of high recurring revenue and consistently robust free cash flow.

greatly increasing our exposure to an attractive healthcare market tied to long-term secular growth drivers and adding another source of high recurring revenue and consistently robust free cash flow


We will provide more information on these activities as we bring them to market. I can anticipate that they are in the early stages of the business analysis.

we will provide more information on these activities as we bring them to market i can anticipate they are in the early stages of the business analysis


And the most important thing is my barrel moves when I produce it and I get it to a good market. It doesn't have to be the absolute cheapest price

and the most important thing is my barrel moves when i produce it and i get it to a good market it doesn't have to be the absolute cheapest price


typically have different purchasing behavior than the hospitals? Any differences there that you can kind of highlight to help us for modeling purposes?

typically have different purchasing behavior than the hospitals any differences there that you can kind of highlight to help us for modeling purposes


to address industry challenges, including claims settlements, fraudulent claims and insurance policy life cycle management.

to address industry challenges including claims settlements fraudulent claims and insurance policy life cycle management


as well as just control reasons and utilization of sales time efficiency, so for all kinds of reasons. So there's been a lot of transitioning going on,

as well as just control reasons and utilization of sales time efficiency so for all kinds of reasons so there's been a lot of transitioning going on


And one of them has fulfilled its goal in part, and the other one did not totally fulfilled the goals.

and one of them has fulfilled its goal in part and the other one did not totally fulfill the goals


Similar to quarters past, we have categorized them, and we'll do our best to provide detailed responses to each this morning. To the extent you have additional follow-up questions, feel free to reach out to me after the call.

similar to quarters past we have categorized them and we'll do our best to provide detailed responses to each this morning to the extent you have additional follow-up questions feel free to reach out to me after the call


Year-over-year earnings will be positively impacted by the rate increases in Texas and New Mexico that we discussed on Slide 13 as well as continued customer growth. At

year-over-year earnings will be positively impacted by the rate increases in texas and new mexico that we discussed on slide 13 as well as continued customer growth


more of a bond deal. The second one was a private. And that has to do with the expenses. But what it really does -- all it really does is raise some additional capital for you by raising your financing rates.

more of a bond deal the second one was a private and that has to do with expenses but what it really does -- all it really does is raise some additional capital for you by raising your financing rates


and we remain equally focused on making smart investments in our sales and customer service capabilities. So on the S component, if you will.

and we remain equally focused on making smart investments in our sales and customer service capabilities so on the s component if you will


we made conscious decisions to retain and invest in businesses where we have sustainable competitive advantages. We are benefiting from Irish growth and international diversification.

we made conscious decisions to retain and invest in businesses where we have sustainable competitive advantages we are benefiting from irish growth and international diversification


We are proud to have finally completed our biggest outstanding integration project and are looking forward to capitalizing on this achievement in future

we are proud to have finally completed our biggest outstanding integration project and are looking forward to capitalizing on this achievement in future years


Given the current environment, as I have said last quarter, I believe that we should be growing well into the high single digits, and at present time, we are not.

given the current environment as i had said last quarter i believe that we should be growing well into the high single digits and at present time we are not


Our focus on delivering more with every dollar invested by maximized lateral lengths in both core asset areas allows us to deliver more with less going forward.

our focus on delivering more with every dollar invested by maximizing lateral lengths in both core asset areas allows us to deliver more with less going forward


GEMS continues to benefit from our clients use of CRISPR and other technologies to create genetically modified models faster and more cost-effectively.

gems continues to benefit from our clients' use of crispr and other technologies to create genetically modified models faster and more cost-effectively


was a little bit lower this quarter versus the prior couple of quarters despite the fact that the stock and the valuation was lower than in prior quarters.

was a little bit lower this quarter versus the prior couple of quarters yet despite the fact that the stock and the valuation was lower than in prior quarters


With regard to the pricing environment, things have remained stable, providing a solid backdrop as we implemented our midyear price increase.

with regards to the pricing environment things have remained stable providing a solid backdrop as we implemented our midyear price increase


Also during the fourth quarter of fiscal 2018, we experienced a holiday calendar shift, whereby Christmas Eve and New Year's Eve fell on a Monday.

also during the fourth quarter of fiscal 2018 we experienced a holiday calendar shift whereby christmas eve and new year's eve fell on a monday


Late last year, we increased our sales effort in geographies where we had not been profitable to sell for the last several years.

late last year we increased our sales effort in geographies where we had not been profitable to sell for the last several years


These examples are only a portion of the exciting products being developed by Stoneridge. We will continue to drive our growth through our existing portfolio, including the addition of Orlaco's technologies

these examples are only a portion of the exciting products being developed by stoneringe we will continue to drive our growth through our existing portfolio including the addition of rolaco's technologies


We will continue to look for opportunities to derisk SGI's insured portfolio through commutations, reinsurance and other hedging strategies.

we will continue to look for opportunities to derisk sgi's insured portfolio through commutations reinsurance and other hedging strategies


When we deal with it in our consulting, some of our clients that have lower-paid folks that they don't want to provide health care coverage for or have a lot of

when we deal with it in our consulting some of our clients that have lower paid folks that they don't want to provide health care coverage for or have a lot of


This has given us the opportunity to grow the business with consumers, licensors and retailers, and we are leveraging our success into an expanding assortment of products and distribution.

this has given us the opportunity to grow the business with consumers licensors and retailers and we are leveraging our success into an expanding assortment of products and distribution


Even though we're just ramping up for this new business, we have already processed double the amount of aluminum we processed last year at our toll processing operations.

even though we are just ramping up for this new business we have already processed double the amount of aluminum we processed last year at our toll processing operation


it's appropriate to identify a population of patients who is reflective of that with the underlying disease, and not kind of cherry pick or

it's appropriate to identify a population of patients who is reflective of that with the underlying disease and not kind of cherry pick or


which, along with a number of other areas throughout California, recently endured a series of devastating fires. Although the fires did not disrupt our operations,

which along with a number of other areas throughout california recently endured a series of devastating fires although the fires did not disrupt our operations


to the subscriber edge. EXOS is built for a future where boundless complexity of the subscriber edge can be managed and monetized by the service provider,

to the subscriber edge exos is built for a future where boundless complexity at the subscriber edge can be managed and monetized by the service provider


we will get what we would historically view as kind of our full allocation of equity co-invest strategy, which I think we've always been very consistent in saying that

we will get what we would historically view as kind of our full allocation of equity co-invest strategy which i think we've always been very consistent in saying that


In Mexico, for example, many of our sales are denominated in Mexican pesos, which has declined in value against the dollar, so the dollar value of those sales have declined.

in mexico for example many of our sales are denominated in mexican pesos which has declined in value against the dollar so the dollar value of those sales have declined


But I will tell you, like any major project, we will go back, we will look at what could we have done better, what could we have done differently, and that will absolutely be taken into consideration to make us

but i will tell you like any major project we will go back we will look at what could we have done better what could we have done differently and that will absolutely be taken into consideration to make us


what we really need to underline here is that we are going to invest in acquisitions when they make financial sense for us,


This represents an amount that takes into consideration factors relating to the sale of our mobile phone business announced today, including profits and risks.

this represents an amount that takes into consideration factors relating to the sale of our mobile phone business announced today including profits and risks


Outside Japan, despite an environment of fierce competition with other vendors, revenue rose, in part due to the impact of the weaker yen.

outside japan despite an environment of fierce competition with other vendors revenue rose in part due to the impact of the weaker yen


We're also in the fortunate position of having considerable financial resources to support these initiatives, thanks to our strong balance sheet and available debt capacity,

we're also in the fortunate position of having considerable financial resources to support these initiatives thanks to our strong balance sheet and available debt capacity


For those that do migrate to the other MAP programs, we would expect that the adoption of MAP Navigator with its expanded choices would be higher than that for MAP Direct,

for those that do migrate to the other map programs we would expect that the adoption of map navigator with its expanded choices would be higher than that for map direct


We've changed over the last couple of years our content to be that much more engaging, our technology tools to be integrated into the experience,

we've changed over the last couple of years our content to be that much more engaging our technology tools to be integrated into the experience


I will now review pricing and demand for our aluminum and stainless steel products. I'll also discuss some of the key industry trends in the markets for these products.

i will now review pricing and demand for our aluminum and stainless steel products i'll also discuss some of the key industry trends in the markets for these products


In regard to energy, the general consensus from our customer base throughout the country is more positive today than it was 90 days ago.

in regard to energy the general consensus from our customer base throughout the country is more positive today than it was 90 days ago


I think the exact number is over the course of last 5 years, we've exited 22 geographies or businesses that we viewed as non-core

i think the exact number is over the course of the last 5 years we've exited 22 geographies or businesses that we viewed as non-core


Most of the big brands in the core are in the second half. We've got pretty good forward visibility into pacing a booking on this, so I think we feel good about the core

most of the big brands in the core are in the second half we've got pretty good forward visibility into pacing and booking on this i think we feel good about the core


by ensuring we have a diverse and inclusive workplace, and so we were very pleased to once again be recognized by the Human Rights Campaign as a Best Place to Work

by ensuring we have a diverse and inclusive workplace and so we were very pleased to once again be recognized by the human rights campaign as a best place to work


makes us a player that procures as well as anyone in the industry, so we didn't think it's a cost factor. And when we look at our retail strategies, we strive to be very consistent

makes us a player that procures as well as anyone in the industry so we don't think it's a cost factor and when we look at our retail strategies we try to be very consistent


try to predict these effects, as you know, and I don't guide on that. But it's a fact of the matter that, in theory, there are more selling days in Q1 this year

try to predict these effects as you know and i don't guide on that but it's a fact of the matter that in theory there are more selling days in q1 this year


it would be on a projected basis. We brought 3 wells on in the first quarter and 2 wells on in the second, and that probably totals just under 4 net wells.

than it would be on a projected basis we brought 3 wells on in the first quarter and 2 wells on in the second now that probably totals just under 4 net wells


Next, Digital Content Ratings. Our beta was a success. Our software has been fully tested by our partners, and it's now available to all clients.

next digital content ratings our beta was a success our software has been fully tested by our partners and it's now available to all clients


should -- the reason why we expect our business to continue to grow at attractive mid-single-digit rates with the big media companies is because we are, in fact, doing this work

should the reason why we expect our business to continue to grow at attractive mid-single-digit rates with the big media companies is because we are in fact doing this work


So I think those are 2 key drivers of our value proposition. Now pathologists use us as their laboratory

so i think those are 2 key drivers of our value proposition now pathologists use us as their laboratory


pretty excited based on our history of launching next-generation power tools and understanding that upgrade cycle to see an acceleration in that business in the second half as we move away from the sampling stage.


reporting is as transparent as possible, we're going to do what we've done and keep challenging ourselves to make sure you and all of our investors see the business through the same lens we do.

reportings as transparent as possible we're going to do what we've done and keep challenging ourselves to make sure you and all of our investors see the business through the same lens we do


It is not my intention to boggle you down with details, so therefore, we have included a slide as an appendix in which we show the levels of minimum capital required for the banks based on the new decree.

it is not my intention to bugle you down with details so therefore we have included a slide as an appendix in which we show the levels of minimum capital required for the banks based on the new decree


and firefighter location capabilities that can come in the future. And I think it becomes a challenging target

and firefighter location capabilities that can come in the future and i think it becomes a challenging target


we will have to obviously finance it. And yet, the type of financing that we can choose it can be very specific or it can be a mix of both.

we will have to obviously finance it and yet the type of financing that we can choose can be very specific or it can be a mix of both


until very recently, because we had some legacy issues that we needed to resolve in terms of work that we had previously done. And we completed -- we've completed

until very recently because we had some legacy issues that we needed to resolve in terms of work that we had previously done and we completed -- we've completed


arrive at sites and then actually shut down at the end of the day. And what this does is, it allows us to be able to service more properties more efficiently, just making sure we're being efficient in

arrive at sites and then actually shut down at the end of the day and what this does is it allows us to be able to service more properties more efficiently of just making sure we're being efficient


There really is still seasonality. I'd love it to be sequential. It just won't be until -- and I've always thought this. My numbers never changed.

there really is still seasonality i'd love it to be sequential it just won't be until -- and i've always thought this my numbers never changed


and I'm confident we are taking the right steps to work through this challenging market environment. Now let me turn to an overview of our results.

and i'm confident we are taking the right steps to work through this challenging market environment now let me turn to an overview of our results


from pure generic play, and obviously, we're preparing for success in XIAFLEX. But we also have to keep our optionality open if we can place Endo in a better position

from pure generic play and obviously we're preparing for success in xiaflex but we also have to keep our optionality open if we can place endo in a better position


We've been bringing that number down over the last few years. And now, it's really getting to be close, more closely in line with traditionally where we've kind of kept our 1 to 4 family book.

we've been bringing that number down over the last few years and now it's really getting to be close -- more closely in line with traditionally where we've kind of kept our 1- to 4-family book


Before we start our discussion, please note that certain statements made during this call may be forward looking, and actual results may differ materially from our expectations due to a number of risk factors.

before we start our discussion please note that the certain statements made during this call may be forward-looking and actual results may differ materially from our expectations due to a number of risk factors


We anticipate capital expenditures to be in the 3% to 3.5% range, as we complete some of the more significant investments from the past years.

we anticipate capital expenditures to be in the 3% to 3 5% range as we complete some of the more significant investments from the past years


I mean, I think still the best you can say is that the -- I mean, maybe we're approaching a bottom if you look at the trends, but the incremental is still slightly negative,

i mean i think still the best you can say is that the -- i mean maybe we're approaching a bottom if you look at the trends but the incremental is still slightly negative


This is a clear growth driver for our industry in the next few years with car electrification semiconductors growing

this is a clear growth driver for our industry in the next few years with car electrification semiconductors growing


Thanks, Scott, and thank you all for joining us on the call this morning. As we usually do, I'll make some brief comments on the quarter and cover the first few pages of the slide deck

thanks scott and thank you all for joining us on the call this morning as we usually do i'll make some brief comments on the quarter and cover the first few pages of the slide deck


And we will look to get out of that for certain, but we'll look to get out of it once we have good reinvestment candidates.

and we will look to get out of that for certain but we'll look to get out of it once we have good reinvestment candidates


segregate one group of patients out from another does provide I think an inherent advantage in the perception of the product in the field and in the community.

segregate one group of patients out from another does provide i think an inherent advantage in the perception of the product in the field and in the community


Before turning the call back over to Colin, I would like to welcome our new colleagues and express my sincere appreciation to our people around the world for their ethics,

before turning the call back over to collin i would like to welcome our new colleagues and express my sincere appreciation to our people around the world for their ethics


the return to a controlled level of profitability in the mass segment is proper and equitable,


that impact different industrial segments and different countries around the world, it's hard for us to put our arms around specific time lines.

that impact different industrial segments and different countries around the world it's hard for us to put our arms around specific time lines


As long as we remain focused on the careful execution of our proven off-price strategies, we believe we can continue to deliver solid growth in both sales and earnings.

as long as we remain focused on the careful execution of our proven off-price strategies we believe we can continue to deliver solid growth in both sales and earnings


Before we begin the question-and-answer session, I'd like to thank John Call for his leadership and the numerous contributions he has made over more than 2 decades at Ross,

before we begin the question-and-answer session i'd like to thank john cole for his leadership and the numerous contributions he's made over more than 2 decades at ross


but will be partially offset by the completion of a major project during the third quarter of 2015, which we have previously discussed.

but will be partially offset by the completion of a major project during the third quarter of 2015 which we have previously discussed


and delivering efficiency to our partners. And we now have most of the essential pieces of the puzzle in place to deliver on the unique product opportunity.

and delivering efficiency to our partners and we now have most of the essential pieces of the puzzle in place to deliver on the unique products opportunity


the index structure works in relation to our costs is that the index structure has caused our revenues to decline


that we do not have at Camping World that we probably won't, that are unique to that business, and that are unique to those specific markets. Well, we need that traffic.

that we do not have at camping world that we probably won't that are unique to that business and that are unique to those specific markets where we need that traffic


from macroeconomic and political volatility, the continued rebalancing of the economic world, to shifting consumer preferences and increasing demand for healthier products,

from macroeconomic and political volatility the continued rebalancing of the economic world to shifting consumer preferences and increasing demand for healthier products


Will you be providing us with some sense as to the magnitude of contribution from Dawson as a lot of us kind of look at the segments

i mean will you be providing us with some sense as to the magnitude of contribution from dawson as a lot of us kind of look at the segments


Financial Services remains a consistent and predictable business for us as customers continue to look for flexible alternative ways to consume and finance their technology needs.

financial services remains a consistent and predictable business for us as customers continue to look for flexible alternative ways to consume and finance their technology needs


The nature of the business is that we will always have puts and takes in the overall model and some programs will overdeliver compared to initial plan,

the nature of the business is that we will always have puts and takes in the overall model and some programs will overdeliver compared to initial plan


this is a voluntary program that's free to businesses and their employees. The program provides access to occupational health services for those employees who are out sick

this is a voluntary program that's free to businesses and their employees the program provides access to occupational health services for those employees who are sick


Our model continues to yield a broadening customer base across the world's leading pharmaceutical companies, and that bodes well for the future growth of our pipeline.

our model continues to yield a broadening customer base across the world's leading pharmaceutical companies and that bodes well for the future growth of our pipeline


some of the labor issues that we've had. It will be higher than it was in the third quarter we believe, but not back to historical norms. But going forward, we do believe that

some of the labor issues that we've had it will be higher than it was in the third quarter we believe but not back to historical norms but going forward we do believe that


Yes. We saw a little bit of an impact, more driven because our execution is getting better on the collection side of the house. What I would say is,

yes we saw a little bit of an impact more driven because our execution is getting better on the collection side of the house what i would say is


We are also beginning to monetize many of our other new partner agreements and that should provide growing revenues over the next few quarters.

we are also beginning to monetize many of our other new partner agreements and that should provide growing revenues over the next few quarters


This will represent a huge savings in time and resources. And within the next 5 years, we believe that number could drop to 0 as AI does all of the work without requiring any human interaction.

this will represent a huge savings in time and resources and within the next 5 years we believe that number could drop to 0 as ai does all of the work without requiring any human interaction


we are working diligently to develop napabucasin and LATUDA in Japan. But anything outside of these, we don't have very many.

we are working diligently to develop nabumangin and latuda in japan but anything outside of these we don't have very many


The strong cash-generating characteristics of our business provides flexibility to invest in our platform while remaining committed to returning capital to our investors.

the strong cash-generating characteristics of our business provides flexibility to invest in our platform while remaining committed to returning capital to our investors


I think, for all time. And we're very excited to participate in that segment and we do believe we've got the brands, we've got the people, we've got the resources, we've got the focus and the strategy

i think for all time and we're very excited to participate in that segment and we do believe we've got the brands we've got the people we've got the resources we've got the focus and the strategy


Investors are cautioned that all forward-looking statements in this call involve risks and uncertainty and that future events may differ materially from the statements made.

investors are cautioned that all forward-looking statements in this call involve risks and uncertainty and that future events may differ materially from the statements made


So if we had to look sequentially December to September, should we think of it up, down? Kind of help on the EBIT line for South America would be appreciated.

so if we had to look sequentially december to september should we think of it up down a kind of help on the ebit line for south america would be appreciated


is largely a function of the pricing dynamic that you have very high confidence in giving what you've already sort of contracted for?

is largely a function of the pricing dynamic that you have very high confidence in given what you've already sort of contracted for


manufacturing strategy. So we never believed when we saw the huge buildup of capacity in China during the 2000s that there was enough factor cost advantage or

manufacturing strategies so we never believed when we saw the huge buildup of capacity in china during the 2000s that there was enough factor cost advantage or


we had a very modest clinical capability and a pretty small organization. We are in a rapid growth phase.

we had a very modest clinical capability and a pretty small organization we are in a rapid growth phase


I'll begin by taking you through a discussion of the first quarter. I'll then hand the call over to Mike Coggin, our Chief Financial Officer, for a closer look at our financial performance.

i'll begin by taking you through a discussion of the first quarter i'll then hand the call over to mike cagin our chief financial officer for a closer look at our financial performance


Before I turn the call over to Ari for a financial overview, I would like to say, that advancing a program from computer prediction

before i turn the call over to ari for a financial overview i would like to say that advancing the program from computer prediction


You can also refer to our supplemental financial information provided in PowerPoint presentation format that further supports our earnings release.

you can also refer to our supplemental financial information provided in powerpoint presentation format that further supports our earnings release


Our advantaged platform provides us with the potential to be among the fastest-growing consumer companies, with substantial margin upside and strong EPS growth,

our advantage platform provides us with the potential to be among the fastest growing consumer companies with substantial margin upside and strong eps growth


So with that behind us, Dev will be talking to us about the financial results for the second quarter a little later. But first, I'll turn the call over to Ellen

so with that behind us dev will be talking to us about the financial results for the second quarter a little later but first i'll turn the call over to ellen


I will comment on the performance of our investment portfolio, discuss our recent dividend announcements and a few other recent developments and conclude by commenting on our investment pipeline.

i will comment on the performance of our investment portfolio discuss our recent dividend announcements and a few other recent developments and conclude by commenting on our investment pipeline


This may cause the actual results, performance or achievements of the company to materially differ from the results, performance or achievements expressed or implied by such forward-looking statements.

this may cause the actual results performance or achievements of the company to materially differ from the results performance or achievements expressed or implied by such forward-looking statements


To that end, we are excited to move forward in a strategic partnership with Molteni whose strong track record of success

to that end we are excited to move forward in a strategic partnership with multani whose strong track record of success


with a strong focus on new logo sales. This did however have a negative impact on our standard renewal campaign rhythm, which is being addressed in the second half.

with a strong focus on new logo sales this did however have a negative impact on our standard renewal campaign rhythm which is being addressed in the second half


as we continue the unique and exclusive partnership with only board-certified plastic surgeons. With that, I'd like to turn the call over to questions and answers.

as we continue the unique and exclusive partnership with only board-certified plastic surgeons with that i'd like to turn the call over to questions and answers


And finally, all comparative references will be to the first quarter of 2016 unless we state otherwise. Now I will turn the call over to Joe. Thanks, Diana.

and finally all comparative references will be to the first quarter of 2016 unless we state otherwise now i will turn the call over to joe thanks diana


is influencing both driver and carrier behaviors, leading to the continued need to refresh equipment or to add equipment to increase drop and hook opportunities.

is influencing both driver and carrier behaviors leading to the continued need to refresh equipment or to add equipment to increase drop-and-hook opportunities


Let me now turn this over to Ali. Thank you, Bob, and good afternoon, everyone. Let me begin by reminding you of an accounting item that came up in the period post spin.

let me now turn this over to ali thank you bob and good afternoon everyone let me begin by reminding you of an accounting item that came up in the period post-spin


At the same time as we are managing these short-term economic headwinds, we are continuing with the exciting work of building a more agile, competitive, and digital Nedbank for the long-term.

at the same time as we are managing these short-term economic headwinds we are continuing with the exciting work of building a more agile competitive and digital nedbank for the long term


Steady growth in the first half of the year in wealth and asset management was offset by weaker insurance earnings, as well as the impact of a stronger rand.

steady growth in the first half of the year in wealth and asset management was offset by weaker insurance earnings as well as the impact of a stronger rand


If you haven't received to save-the-date, please contact Suzy, and she can give you the details. That concludes our formal remarks, and now I'll open it up for your questions.

if you haven't received to save the date please contact susie and she can give you the details that concludes our formal remarks and now i'll open it up for your questions


coupled with our demonstrated ability to manage the expense in capital base, we are off to a great start in this game changing combination of these 2 firms.

coupled with our demonstrated ability to manage the expense in capital base we are off to a great start in this game-changing combination of these 2 firms


One key area of our focus has been the transfer of vested shares attached to existing equity plans, like employee stock purchase plans and restricted stock grants

one key area of our focus has been the transfer of vested shares attached to existing equity plans like employee stock purchase plans and restricted stock grants


We will continue to have an overhead support structure in South Africa that will naturally decline as we complete phases of the project but will represent an ongoing headwind to earnings until then.

we will continue to have an overhead support structure in south africa that will naturally decline as we complete phases of the project but will represent an ongoing headwind to earnings until then


We have also consolidated operations in Europe in the third quarter to reduce our future cost structure there, for which you saw a charge this quarter.

we have also consolidated operations in europe in the third quarter to reduce our future cost structure there for which you saw a charge this quarter


that we have with the mobile functionality that we have with the treasury solution. And that's getting a lot of attention because it's a very robust platform to begin with, but then it has all the functionality on the

that we have or the mobile functionality that we have with the treasury solution that's getting a lot of attention because it's a very robust platform to begin with but then it has all the functionality on the


And of course, health is a big trend. We need to combine healthy elements with our products as well.

and of course health is a big trend we need to combine healthy elements with our products as well


In addition, our digital and productivity initiatives are expected to drive lower field costs and call volumes in the second half of the year.

in addition our digital and productivity initiatives are expected to drive lower fill costs and call volumes in the second half of the year


Right now that doesn't help us because we're looking back at periods when there was no Vyxeos available. A couple of years from now, they'll be looking back at periods where Vyxeos was available,

right now that doesn't help us because we're looking back at periods when there was no vyxeos available a couple of years from now they'll be looking back at periods where vyxeos was available


We learned a lot last year. We had a bit of a rough time last year as we were working through both our operating model and, in general, our entire supply chain transformation.

we learned a lot last year we had a bit of a rough time last year as we were working through both our operating model and in general our entire supply chain transformation


particularly in the second half of 2017, which furthered our understanding as to why patients could benefit from the control of this master immune regulator.

particularly in the second half of 2017 which furthered our understanding as to why patients could benefit from the control of this master immune regulator


are 10 brand-new modules from scratch using the SKY platform that are the modules that run the operations of the church.

are 10 brand new modules from scratch using the sky platform that are the modules that run the operations of the church


we will -- the more we believe in the -- excuse me, as we make progress in deploying this process technology, the more we believe in the revaluation of this industry through a technology revolution.

we will -- the more we believe in the re -- excuse me as we make progress in deploying this process technology the more we believe in the revaluation of this industry through a technology revolution


We are also pleased with the performance of Natural Balance, our super premium pet food brand that remains exclusive to the pet specialty and e-commerce channels.

we are also pleased with the performance of natural balance our super premium pet food brand that remains exclusive to the pet specialty and e-commerce channels


current market conditions and our expectations going forward. The impairment test we conducted in the fourth quarter did not support the carrying value of this distribution network from Chile.

current market conditions and our expectations going forward the impairment test we conducted in the fourth quarter did not support the carrying value of this distribution network in chile


In some instances, as I mentioned earlier, this means taking a step back or foregoing some short-term top line gains in order to build the brand back in the way that is sustainable.

in some instances as i mentioned earlier this means taking a step back or forgoing some short-term top line gains in order to build the brand back in a way that is sustainable


have been met. And in accordance with accounting standards, we have booked an asset in inventory and an offsetting liability in development provisions in order to recognize the likely

have been met and in accordance with accounting standards we have booked an asset in inventory and an offsetting liability in development provisions in order to recognize the likely


We also saw a continued success in the Eastern Canada fishing markets, where the higher commodity prices and lower fuel costs drove more demand for our marine transmissions.

we also saw continued success in the eastern canada fishing markets with the higher commodity prices and lower fuel costs drove more demand for our marine transmission


During the second quarter, we had a large MRC customer convert to a term subscription in order to achieve cost savings by moving to a fixed term contract.

during the second quarter we had a large mrc customer convert to a term subscription in order to achieve cost savings by moving to a fixed term contract


as the only non-bank lender offering both investor- and owner-occupied small balance commercial loan products, we can build market share without the need to compete by loosening credit criteria.

as the only nonbank lender offering both investor and owner-occupied small balance commercial loan products we can build market share without the need to compete by loosening credit criteria


These measures should not be considered in isolation or as a substitute for our financial results prepared in accordance with GAAP. A reconciliation of these measures to the most directly comparable GAAP measure

these measures should not be considered in isolation or as a substitute for our financial results prepared in accordance with gaap a reconciliation of these measures to the most directly comparable gaap measure


Because none of these obligations come due for several years, we are able to safely leverage this capital into investments that are higher yielding, like balance sheet loans and real estate.

because none of these obligations come due for several years we are able to safely leverage this capital into investments that are higher yielding like balance sheet loans and real estate


What it does have is lighter restrictions in relation to the approvals we would need from the banks to engage in acquisitions.

what it does have is lighter restrictions in relation to the approvals we would need from the banks to engage in acquisitions


for Cohort 2, I mean, obviously patients all had to fit the inclusion and exclusion criteria of the study, but is there anything you are prepared to tell us at this time in terms of

for cohort 2 i mean obviously patients all had to fit the inclusion and exclusion criteria of the study but is there anything you're prepared to tell us at this time in terms of


As we take a step back and look at our industry, there appears to be increasing momentum for change and for consolidation. Some of this may be driven by the desire by some for sheer size,

as we take a step back and look at our industry there appears to be increasing momentum for change and for consolidation some of this may be driven by the desire by some for sheer size


You've seen us participate in the market, but we will continue to approach opportunities with an unwavering commitment to financial prudence as we manage our opportunities set between potential acquisitions

you've seen us participate in the market but we will continue to approach opportunities with an unwavering commitment to financial prudence as we manage our opportunity set between potential acquisitions


and is now going through a number of advancements to expand its reach beyond the initial patient population being helped out


Our customers recognize this value as they assess their TCO. Although we have improved our processes and become more efficient in supporting this market,

our customers recognize this value as they assess their tco although we have improved our processes and become more efficient in supporting this market


Because our products are used in various medical applications, we conduct extensive and time-consuming testing and validation before any product is launched.

because our products are used in various medical applications we conduct extensive and time-consuming testing and validation before any product is launched


The statistically significant benefit and improved patient outcomes when using endovenous laser for the treatment of venous disease are undeniable and have been confirmed repeatedly

the statistically significant benefit and improved patient outcomes when using endovenous laser for the treatment of varicose vein disease are undeniable and have been confirmed repeatedly


And some of the questions seem to miss those 2 points, and I want to reemphasize that our great service is because of the

and some of the questions seem to miss those 2 points and i want to reemphasize that our great service is because of the


If that was really just being used as a starting dose, you would expect that to be a lot lower. So we're seeing it both in terms of feedback specifically from physicians

if that was really just being used as a starting dose you would expect that to be a lot lower so we're seeing it both in terms of feedback specifically from physicians


how many of these new services at this point are you negotiating carriers with directly versus the affiliate group or your network partner acting as a proxy?

how many of these new services at this point are you negotiating carriage with directly versus the affiliate group or your network partner acting as a proxy


These non-GAAP financial measures remove the impact of restructuring costs, currency movements and other costs, as noted in the company's filings.

these non-gaap financial measures remove the impact of restructuring costs currency movements and other costs as noted in the company's filings


We've learned that in order to run at full production capacity, everything has to go right, leaving little to no room for production or supply chain hiccups.

we learned that in order to run at full production capacity everything has to go right leaving little to no room for production or supply chain hiccups


So I believe that means that it does give us some sustainability in both our ability to grow distribution as well as key productivity

so i believe that means that it does give us some sustainability in both our ability to grow distribution as well as keep productivity


remain committed to our aggressive cost-reduction targets and are on track with them. And after reducing debt, we also expect to accelerate share repurchases in the back half of the year.

remain committed to our aggressive cost reduction targets and on our track with them and after reducing debt we also expect to accelerate share repurchases in the back half of the year


So we saw those sort of small factors combine to just give us a little bit better margin than what we had originally thought as we were entering the quarter.

so we saw those sort of small factors combine to just give us a little bit better margin than what we had originally thought as we were entering the quarter


As you saw in the press release, net revenues were in line with our expectations for the fourth quarter, down 1% on a reported basis and flat in constant currency.

as you saw in the press release net revenues were in line with our expectations for the fourth quarter down 1% on a reported basis and flat in constant currency


More detailed information about these and other risk factors can be found in our press release that preceded this call and in the risk factors and forward-looking statements sections

more detailed information about these and other risk factors can be found in our press release that preceded this call and in the risk factors and forward-looking statements sections


But with the recent increases that we now know about in the fourth quarter are coming at us in really the first and second quarter of next year, that may

but with the recent increases that we now know about in the fourth quarter coming at us and really the first and second quarter of next year that may


if you could parse, how much of that is OpEx might not fall as fast as you thought earlier because you said some of these savings are delayed

if you could parse how much of that is opex might not fall as fast as you thought earlier because you said some of these savings are delayed


Yes. So as always, Alex, our capital allocation always runs to taking care of the organic growth that's in the business. I mean, we're going to be making some investments

yes so as always alex our capital allocation always runs to taking care of the organic growth that's in the business i mean we're going to be making some investments


Financial results were in line with our plan for the year, with profit margins benefiting from cost efficiencies achieved following last year's merger.

financial results were in line with our plan for the year with profit margins benefiting from cost efficiencies achieved following last year's merger


And I just remind you, that was kind of weighted down a little bit because of the Venezuela divestiture. Extracting that, we had pretty good margin growth.

and i just remind you that was kind of weighted down a little bit because of the venezuela divestiture extracting that we had pretty good margin growth


to get it onstream. So we should expect fairly flattish for 6 months and maybe addition, maybe not, depending on what you decide to do, is that the right way to think about it?

to get it on stream so we should have fairly flattish for 6 months and maybe addition maybe not depending on what you decide to do is that the right way to think about it


And this is Mike. So with respect to the framework that Rick laid out, we have a number of opportunities to move forward in lines of therapy. And

and this is mike so with respect to the framework that rick laid out we have a number of opportunities to move forward in lines of therapy and


of the company and this new process that we have begun last year in his new responsibility.

of the company and this new process that we have begun last year with his new responsibility


In the second quarter, the NCI team maintained a strong focus on managing costs, driving operating efficiency and ensuring commercial discipline.

in the second quarter the mci team maintained a strong focus on managing costs driving operating efficiency and ensuring commercial discipline


Due to this transition, we will not give specific guidance but we'll make the following comments about the financial impact on Oculus of the sale of our Latin America assets.

due to this transition we will not give specific guidance but we'll make the following comments about the financial impact on oculus of the sale of our latin america assets


That said, we are doing everything possible to be well prepared that in the event if there was a priority review that would take us into the tail end of next year.

that said we are doing everything possible to be well prepared that in the event that there -- if there was a priority review that would take us into the tail end of next year


The ADVOCATE trial will assess the durability of avacopan's impact on safety and efficacy over a sustained 1 year of treatment.

the advocate trial will assess the durability of avacopan's impact on safety and efficacy over a sustained 1 year of treatment


and a solid financial performance from broking. The Saga model has again done what it does so well and demonstrated that it generates lots of cash.

and a solid financial performance from broking the saga model has again done what it does so well and demonstrated that it generates lots of cash


utilizing an App Store type concept that will allow us to customize the products and services displayed for different user segments and differentiate our user experience in a meaningful way.

utilizing an app store type concept that will allow us to customize the products and services displayed for different user segments and differentiate our user experience in a meaningful way


Project activity remains robust in many parts of the country, and we will continue to sharpen our competitive advantage to win more market share in our print services.

project activity remains robust in many parts of the country and we will continue to sharpen our competitive advantage to win more market share in our print services


Stefan will present Beiersdorf's newest strategy program, which you probably have already seen from the release that we made last night.

stephan will present biostar's new strategy program which you probably have already seen from the release that we made last night


And so what KOLs tell us and the investigators tell us is that there's a window here that we have at the beginning of this coming year, in the first half of this year or next year, excuse me,

and so what kols tell us and the investigators tell us is that there's a window here that we have at the beginning of this coming year in the first half of this year -- or next year excuse me


Yes, I would add, Liisa, that at the Boston College Allergy College Meeting, there was a poster from the COMPACT study that

yes i would add lisa that at the boston college allergy college meeting there was a poster from the compact study that


As a reminder, equity-based compensation expense is excluded from our operating expense guidance. That completes my review, and I'll turn the call back over to Jon.

as a reminder equity-based compensation expense is excluded from our operating expense guidance that completes my review and i'll turn the call back over to john


However, there's been a lot more surprises than I've ever experienced previously or could have ever imagined, and basically driven by poor records and poor attention to detail.

however there's been a lot more surprises than i ever experienced previously or could have ever imagined and basically driven by poor records and poor attention to detail


We remain confident in the underlying fundamentals of our broad and growing business platform, which provides us with the same long-term growth opportunities.

we remain confident in the underlying fundamentals of our broad and growing business platform which provides us with sustained long-term growth opportunities


Secondly, cellular is much easier to do in aboveground applications. So you see a lot of cellular in electric and gas because they're on the side of the house.

secondly cellular is much easier to do in above-ground applications so you see a lot of cellular in electric and gas because they're on the side of the house


Will those happen near term? I don't know. But I will tell you that there is interest in staying on Pony due to its rate structure,

will those happen near term i don't know but i will tell you that there is interest in staying on pony due to its rate structure


And it not only is profitable, it brings a lot of deposits to us that we can use in the bank for core deposits. So I think the platform's there. I think

and not only is profitable it brings a lot of deposits to us that we can use in the bank for core deposits so i think the platforms there i think


That gives you not just road accuracy, but within lane accuracy, which is very unique and it's something our customers are looking for. And then it's everywhere in that

that gives you not just road accuracy but within lane accuracy which is very unique and it's something our customers are looking for and then it's everywhere in that


So we don't see that continuing on to the second half of the year. And then just with the additional claims experience that we are seeing here now in the first half of the year,

so we don't see that continuing on to the second half of the year and then just with the additional claims experience that we are seeing here now in the first half of the year


in order to have a more meaningful discussion that includes our third quarter results. We have moved that to another date. We will communicate that new date once it has been selected. It

in order to have a more meaningful discussion that includes our third quarter results we've moved that to another date we will communicate that new date once it has been selected


For the full year, we continue to expect growth in net operating income weighted towards the second half of 2016. New mobile programs,

for the full year we continue to expect growth in net operating income weighted toward the second half of 2016 new mobile programs


with improvements in the top line, you'd expect that you'd be able to offer a slightly higher marketing budget to help continue to grow

with improvements in the top line you'd expect that you'd be able to offer a slightly higher marketing budget to help continue to grow


So we're seeing a lot of that cross-pollination that we had hoped to see, and gaining strides there and seeing a nice uptake in our market share performance in the Americas.

so we're seeing a lot of that cross-pollination that we had hoped to see and gaining strides there and seeing a nice uptick in our market share performance in the americas


month of the quarter for us, both in wholesale shipments and at retail, was June, which is when new product starts to hit. So we felt very good in the fact that

month of the quarter for us both in wholesale shipments and at retail was june which is when new products start to hit so we felt very good in the fact that


We continue our investment. And I would say that our very strong investment discipline that we had in the few -- the last few years

we continue our investment and i would say that our very strong investment discipline that we had in the few -- last few years


These risks and uncertainties could cause actual results to differ materially from those described in our forward-looking statements, and they should not be considered an indication or guarantee of future performance.

these risks and uncertainties could cause actual results to differ materially from those described in our forward-looking statements and they should not be considered an indication or guarantee of future performance


And then as I said before, we are making some targeted investments in areas where we think that the actual unit price on items is too high and we are lowering prices.

and then as i said before we are making some targeted investments in areas where we think that the actual unit price on items is too high and we are lowering prices


continue to expect expenses to reach nominal levels close to what you posted in previous quarters


Looking ahead. First, with respect to the acquisition market, there hasn't been much change from our perspective since our last call for last quarter.

looking ahead first with respect to the acquisition market there hasn't been much change from our perspective since our last call for last quarter


Not to do so would simply perpetuate our structural inefficiency and delay the achievement of our fundamental goal, that of returning to sustainable profitability.

not to do so would simply perpetuate our structural inefficiency and delay the achievement of our fundamental goal that of returning to sustainable profitability


For your reference, increases and decreases in capital expenditures by business segment, excluding the impact of currency translation effects, are as shown.

for your reference increases and decreases in capital expenditures by business segment excluding the impact of currency translation effects are as shown


The pace of the roll-off could be materially faster or slower than today's prediction, which would impact our total revenue but not our subscription revenue.

the pace of the roll-off could be materially faster or slower than today's prediction which would impact our total revenue but not our subscription revenue


we're looking at everything to be a 30% return on investment on the cash that we have, and the heavy equipment does not provide that, so that will come last.

so let's put it -- we're looking at everything to be a 30% return on investment on the cash that we have and the heavy equipment does not provide that so that will come last


So to summarize, we have moved the portfolio to growth. We have reduced our cost structure significantly while making necessary organic and inorganic investments.

so to summarize we have moved the portfolio to growth we reduced our cost structure significantly while making necessary organic and inorganic investments


As our portfolio shifts with the growth of our Global Ecommerce business, inclusive of Newgistics, our seasonality will also shift even more towards the fourth quarter.

as our portfolio shifts with the growth of our global e-commerce business inclusive of newgistics our seasonality will also shift even more towards the fourth quarter


of the transaction that we have been discussing with some -- not we, because it was a process that was not managed by us, but by the regulator and

of the transaction that we have been discussing with some -- not we because it was a process that was not managed by us but by the regulator and


The first measure we use is gross cash generated from customer contracting activities, which is our reported GAAP revenue plus the change in deferred customer billing.

the first measure we use is gross cash generated from customer contracting activities which is our reported gaap revenue plus the change in deferred customer billing


We were prepared for that and we're taking action now to protect shareholders. We've been working on alternatives for some time, and we look forward to providing further updates in due course.

we were prepared for that and we're taking action now to protect shareholders we've been working on alternatives for some time and we look forward to providing further updates in due course


Okay, that's very helpful. And one last one. Can you just talk about any -- or tell us what the appetite might be right now for any additional development projects? Give

okay that's very helpful and one last one can you just talk about any -- or tell us what the appetite might be right now for any additional development projects


Consequently, cloud providers tend to go for large deployments that will enable them to meet sizable chunks of the anticipated demand from a single location.

consequently cloud providers tend to go for large deployments that will enable them to meet sizable chunks of the anticipated demand from a single location


covered over by having to set up a provision for the general damages as a result of the Supreme Court decision. But this is a single

covered over by having to set up a provision for the general damages as a result of the supreme court decision well this is a single


As far as Revision goes, again, as we've referenced, we're looking at a limited launch at the end of the year. I would give that same time line when we build up our capabilities to go on full launch,

as far as revision goes again as we've referenced we're looking at a limited launch at the end of the year i would give that same time line when we build up our capabilities to go in full launch


We are still seeing continued population growth, low unemployment rate and a robust industrial sector, all of which support future growth.

we are still seeing continued population growth low unemployment rates and a robust industrial sector all of which support future growth


Many of you have asked about the continuing difficulties the traditional retail sector is facing and how it might impact our business. It is certainly a challenge,

many of you have asked about the continuing difficulties the traditional retail sector is facing and how it might impact our business it is certainly a challenge


On Zoopla, we launched our innovative Move Planner recently, which helps consumers managing -- manage everything related to their move in one place

on zupla we launched our innovative move planner recently which helps consumers managing -- manage everything related to their move in one place


product cycles and competitive factors. Within this framework, we'd expect 2018 capital placement seasonality to generally follow historical patterns by quarter.

product cycles and competitive factors within this framework we'd expect 2018 capital placement seasonality to generally follow historical patterns by quarter


our various pending organic initiatives and other potential growth opportunities we may explore, we do not plan to repurchase any additional stock for the time being.

our various pending organic initiatives and other potential growth opportunities we may explore we do not plan to repurchase any additional stock for the time being


and were again largely reinvested in offsetting cost inflation to maintain competitiveness and affordability in markets where real consumer incomes are under pressure.


I still think that it will not be as sustainable for -- in the long term for 4 players to be in the French market.

i still think that it will not be sustainable for -- in the long term for 4 players to be in the french market


we had an increase in our EBITDA in this first quarter of '17. And in the bottom left chart, we also have a significant increase

we had an increase in our ebitda in this first quarter of '17 and in the bottom left chart we also have a significant increase


Our spring pass sales included strong resorts -- strong results from Northern California, likely due to the terrific conditions there this season, especially as compared to last year.

our spring pass sales included strong results -- strong results from northern california likely due to the terrific conditions there this season especially as compared to last year


getting going in terms of educating people about the Park City experience. We have a lot of room to continue to dial in the experience there and improve

getting going in terms of educating people about the park city experience we have a lot of room to continue to dial in the experience there and improve


Although, as expected, we have seen some slowdown in bookings toward the end of the quarter as our customers realign their product needs to meet market conditions.

although as expected we have seen some slowdown in bookings toward the end of the quarter as our customers realign their product needs to meet market conditions


We did both these investments smoothly and successfully, probably slower than what we all expected. We had to wait for all the regulatory approvals. And finally, the capital increase went

we did both these investments smoothly and successfully probably slower than what we all expected we had to wait for all the regulatory approvals and finally the capital increase went


We've also worked hard and executed on our initiatives to improve the balance sheet. And we've made difficult decisions relating to products, customers, associates and locations

we've also worked hard and executed on our initiatives to improve the balance sheet and we've made difficult decisions relating to products customers associates and locations


Any plans on sort of expense reductions or any expense synergies you plan to get out of the MuleSoft platform as you do the integration with salesforce.com?

any plans on sort of expense reductions or any expense synergies you plan to get out of the mulesoft platform as you do the integration with salesforce com


And indeed, as we expected, the application of the stopping rules has been applied much more frequently in the control cohorts dosed with pegsiticase only

and indeed as we expected the application of the stopping rules has been applied much more frequently in the control cohorts dosed with pexidartinib only


And as a global manufacturer, we are committed to protecting the environment. Earlier this month, we announced a 5-year international partnership with Water Aid.

and as a global manufacturer we are committed to protecting the environment earlier this month we announced a 5-year international partnership with water aid


This focus on AVOD will continue to enhance our unique ability to generate 4 separate revenue streams off of the huge OTT streaming ecosystem

this focus on avod will continue to enhance our unique ability to generate 4 separate revenue streams off of the huge ott streaming ecosystem


Please note that the anticipated sequential increase in Q1 operating expenses is in addition to the expenses relating to our 2 recent artificial intelligence acquisitions.

please note that the anticipated sequential increase in q1 operating expenses is in addition to the expenses relating to our 2 recent artificial intelligence acquisitions


So let's talk about data solutions for a minute. The reason we're so deep in data solutions is because everything tells you that companies are obsessed with moving into the digital world.

so let's talk about data solutions for a minute the reason we're so deep in data solutions is because everything tells you that companies are obsessed with moving into the digital world


We will take a restructuring charge tied to this cost reduction plan in our fourth quarter results. We will also see the headcount reductions fully complete in the fourth quarter numbers.

we will take a restructuring charge tied to this cost reduction plan in our fourth quarter results we will also see the headcount reductions fully complete in the fourth quarter numbers


We will define what good looks like, what excellent looks like, and then we have a gap unidentified and then we will seek to close it.

we will define what good looks like what excellent looks like and then we have a gap and identified and then we will seek to close it


powered by Microsoft Azure, are examples of our continued investment in growth businesses, and specifically, in our digital strategy that Mariner mentioned.

powered by microsoft azure are examples of our continued investment in growth businesses and specifically in our digital strategy that mariner mentioned


Automotive was strongly up from the same quarter of last year, reflecting our continued content growth and strong adoption of new products by our customers.

automotive was strongly up from the same quarter of last year reflecting our continued content growth and strong adoption of new products by our customers


During the course of this call, we may make comments about our expectations for the future. Actual results could differ materially from those contained in these forward-looking statements.

during the course of this call we may make comments about our expectations for the future actual results could differ materially from those contained in these forward-looking statements


Can you talk about, in the next 2 to 3 years, how much do you think that -- it seems like now you're really kind of getting to the point of critical mass in this specialty business.

can you talk about in the next 2 to 3 years how much do you think that -- it seems like now you're really kind of getting to the point of critical mass in this specialty business


they have suggested that they may be open to a full approval instead of an accelerated approval. A full approval being, obviously, a better outcome

they have suggested that they may be open to a full approval instead of an accelerated approval a full approval being obviously a better outcome


So for industrial operation, in the world we will identify more investment opportunities, so we have more confidence in our management.

so for industrial operation in the world we will identify more investment opportunities so we have more confidence in our management


a reduction in our bonus accrual in the fourth quarter. We came into this year with a plan and a bonus accrual set to the target of that plan and that's what we had accrued to

a reduction in our bonus accrual in the fourth quarter we came into this year with a plan and a bonus accrual set to the target of that plan and that's what we had accrued to